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There is a great deal of discussion about solving the current financial crisis by nationalizing the major money center banks, such as Citigroup and Bank of America. Every time this suggestion surfaces, Treasury Secretary Geithner issues a statement emphasizing that the Obama administration is committed to avoiding this outcome and keeping banks in private hands. We are now seeing discussions about an increase of the government's equity investment in Citigroup (NYSE: C).
Why is there such fear of bank nationalization? Some claim that this would mean the death of capitalism and the rise of socialism. However, this solution is being discussed by both Republicans and Democrats. In addition, no one expects the government takeover of the banks to be permanent like France, which eventually did take the banks private again. This would be only temporary in nature as during the Swedish banking crisis.
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